KLCI stays in red as sentiment remains tepid

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KUALA LUMPUR (Jan 15): The FBM KLCI stayed in red at the midday break today as sentiment at the local bourse remained tepid with decliners leading advancers.

At 12.30pm, the FBM KLCI shed 1.06 points to 1,675.10.

Losers led gainers by 349 to 295, while 319 counters traded unchanged. Volume was 1.29 billion shares valued at RM710.05 million.

The losers included Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Lingkaran Trans Kota Holdings Bhd, Hai-O Enterprise Bhd, Latitude Tree Holdings Bhd, Chin Teck Plantations Bhd, Petronas Chemicals Group Bhd, Hong Leong Bank Bhd and QL Resources Bhd.

The actives included Sapura Energy Bhd, Tatt Giap Group Bhd, Seacera Group Bhd, Perisai Petroleum Teknologi Bhd, Daya Materials Bhd, Bumi Armada Bhd and FGV Holdings Bhd.

The gainers included Nestle (M) Bhd, Amway (M) Holdings Bhd, Allianz Malaysia Bhd, Kuala Lumpur Kepong Bhd, MISC Bhd, Can-One Bhd, George Kent (M) Bhd, Hong Leong Financial Group Bhd and KESM Industries Bhd.

Asian stocks pulled ahead on Tuesday, led by a bounce in Chinese shares as Beijing signalled more supportive measures to stabilise a slowing economy, while the British pound braced for a showdown in parliament over the government's Brexit plan, according to Reuters.

Tokyo's Nikkei rose 0.55% to 20,474 after a market holiday on Monday while MSCI's broadest index of Asia-Pacific shares outside Japan recovered from early losses and advanced 0.56%. South Korea's Kospi hit one-month highs, the newswire said.

Affin Hwang Capital Research said the FBM KLCI Index failed to sustain gains, falling 7.06 points or 0.42% on Monday to close at 1,676.16.

The index continues to congest sideways, now hovering between the 20-day exponential moving average (EMA20d) and EMA50d, according to the research house.

"Immediate resistance perceived to be around the 1,700 key psychological level while the immediate support is around the 1,665 level, which is also the lower end of the range.

"Consolidation in the index likely to happen moving through the week," it said.